Munich Re: Q3 net profit dives 77%
(CercleFinance.com) - Munich Re has posted Q3 net profit of 199 million euros, down 77% from 865 million euros a year ago.
The reinsurer estimates that the Covid crisis has resulted in a loss of 800 million euros over the quarter.
After the first nine months of the year, profit amounted to 999 million euros, down 60% compared with the same period a year earlier (2,490 million euros).
In reinsurance, the third quarter is often characterised by above-average losses - and this was still the case this year, its CFO said.
In view of currently high uncertainties regarding the additional economic and financial consequences of Covid-19, the German reinsurer has said that it will not publish any new profit forecasts for 2020.
Its share is down almost 3% at noon on Thursday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The reinsurer estimates that the Covid crisis has resulted in a loss of 800 million euros over the quarter.
After the first nine months of the year, profit amounted to 999 million euros, down 60% compared with the same period a year earlier (2,490 million euros).
In reinsurance, the third quarter is often characterised by above-average losses - and this was still the case this year, its CFO said.
In view of currently high uncertainties regarding the additional economic and financial consequences of Covid-19, the German reinsurer has said that it will not publish any new profit forecasts for 2020.
Its share is down almost 3% at noon on Thursday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.